NINETY ONE INTERNATIONAL FRANCHISE FUND A SHARES (ZIFAX) Exchange: NMFQS

Undernormal circumstances, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in equity securities of non-U.S. companies locatedthroughout the world that the Adviser believes have rare and exceptional qualities that create enduring competitive advantages and stronginternational brands or franchises. Such qualities may include unique intellectual property, dominant market positions, well capitalizedbalance sheets, and attractive reinvestment opportunities. The Fund may invest in companies located in both developed and emerging marketcountries. Under normal circumstances, the Fund invests inat least three countries, and invests at least 40% of its total assets in securities of non-U.S. companies. If conditions are not favorable,the Fund will invest at least 30% of its total assets in securities of non-U.S. companies. The Fund considers a company to be a non-U.S.company if: (i) at least 50% of the company’s assets are located outside of the U.S.; (ii) at least 50% of the company’s revenueis generated outside of the U.S.; (iii) the company is organized or maintains its principal place of business outside of the U.S.; or(iv) the company’s securities are traded principally outside of the U.S. The equity securities in which the Fund investsare primarily common stocks, but may also include American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”)and Global Depositary Receipts (“GDRs” and, together with ADRs and EDRs, “Depositary Receipts”). Although theFund may invest in securities of companies with any market capitalization, the Fund generally invests in medium and large capitalizationcompanies. The Fund typically invests in securities of approximately 25-40 companies. From time to time, the Fund may invest a significantamount of its assets in a particular country, such as the People’s Republic of China (“China”). The Fund may investin A Shares of companies incorporated in China (“China A Shares”) that trade on the Shanghai Stock Exchange and the ShenzhenStock Exchange through the Shanghai – Hong Kong and Shenzhen – Hong Kong Stock Connect programs (“Stock Connect”).Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China. The Fund mayalso invest in China through H Shares, which are shares of companies incorporated in China that are traded on the Hong Kong Stock Exchange. In selecting investments to buy for the Fund, the Adviser uses a fundamental research process to seek to identify attractively valuedcompanies that, in its opinion, represent strong long-term investment opportunities considering the company’s quality, growth andvaluation. The Adviser seeks to maintain a portfolio with consistent long-term returns at below average levels of risk relative to thebroader international equity market. The Adviser will consider whether to sell an investment using the same fundamental research processit uses to identify potential purchases. The Adviser may sell a security for a variety of reasons such as because it becomes overvaluedor shows deteriorating fundamentals, or to invest in a company believed by the Adviser to offer superior investment opportunities. The Fund is classified as “non-diversified,”which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.